Top Themen Heute

ArcelorMittal (referred to as "ArcelorMittal” or the "Company”) (MT (New
York, Amsterdam, Paris, Luxembourg), MTS (Madrid)), the world’s leading
steel company, today announced results1 for the three and six
month periods ended June 30, 2012.

Highlights:

Health and safety performance improved in 2Q 2012 with a LTIF rate2
of 0.8x as compared to 1.1x in 1Q 2012

"Market conditions in the first half have been very challenging, indeed
more challenging than we had expected due to a combination of factors,
not least the still unresolved crisis in the eurozone. Against this
backdrop the company has delivered a creditable performance, continuing
to make progress on the divestment of non-core assets, and reducing net
debt below the half year target. Although the global economy remains
fragile, we expect operating conditions to remain broadly similar in the
second half. Europe remains our biggest concern and the severity of the
situation is reflected in the performance of our European operations.
Our focus throughout the remainder of the year remains on further
improving competitiveness and reducing debt.”

second quarter 2012 Earnings ANALYST Conference Call

ArcelorMittal management will host a conference call for members of the
investment community to discuss the second quarter 2012 and half year
2012 financial performance at:

Date

New York

London

Luxembourg

Wednesday July 25, 2012

9.30am

2.30pm

3.30pm

The dial in numbers:

Location

Dial in numbers

Participant

UK local:

+44 (0)207 970 0006

793868#

UK toll free

0800 169 3059

793868#

USA local:

+1 215 599 1757

793868#

USA free phone:

1800 814 6417

793868#

A replay of the conference call will be available for one week by
dialing

Language

English

+49 (0) 1805 2043 089

Access code

432277#

The conference call will include a brief question and answer session
with senior management. The presentation will be available via a live
video webcast on www.arcelormittal.com.

Forward-Looking Statements

This document may contain forward-looking information and statements
about ArcelorMittal and its subsidiaries. These statements include
financial projections and estimates and their underlying assumptions,
statements regarding plans, objectives and expectations with respect to
future operations, products and services, and statements regarding
future performance. Forward-looking statements may be identified by the
words "believe,” "expect,” "anticipate,” "target” or similar
expressions. Although ArcelorMittal’s management believes that the
expectations reflected in such forward-looking statements are
reasonable, investors and holders of ArcelorMittal’s securities are
cautioned that forward-looking information and statements are subject to
numerous risks and uncertainties, many of which are difficult to predict
and generally beyond the control of ArcelorMittal, that could cause
actual results and developments to differ materially and adversely from
those expressed in, or implied or projected by, the forward-looking
information and statements. These risks and uncertainties include those
discussed or identified in the filings with the Luxembourg Stock Market
Authority for the Financial Markets (Commission de Surveillance du
Secteur Financier) and the United States Securities and Exchange
Commission (the "SEC”) made or to be made by ArcelorMittal, including
ArcelorMittal’s Annual Report on Form 20-F for the year ended December
31, 2011 filed with the SEC. ArcelorMittal undertakes no obligation to
publicly update its forward-looking statements, whether as a result of
new information, future events, or otherwise.

About ArcelorMittal

ArcelorMittal is the world's leading steel company, with presence in
more than 60 countries.

ArcelorMittal is the leader in all major global steel markets, including
automotive, construction, household appliances and packaging, with
leading R&D and technology, as well as sizeable captive supplies of raw
materials and outstanding distribution networks. With an industrial
presence in over 20 countries spanning four continents, the Company
covers all of the key steel markets, from emerging to mature.

Through its core values of sustainability, quality and leadership,
ArcelorMittal commits to operating in a responsible way with respect to
the health, safety and well-being of its employees, contractors and the
communities in which it operates. It is also committed to the
sustainable management of the environment. It takes a leading role in
the industry's efforts to develop breakthrough steelmaking technologies
and is actively researching and developing steel-based technologies and
solutions that contribute to combat climate change.

In 2011, ArcelorMittal had revenues of $94 billion and crude steel
production of 91.9 million tonnes, representing approximately 6 percent
of world steel output.

ArcelorMittal is listed on the stock exchanges of New York (MT),
Amsterdam (MT), Paris (MT), Luxembourg (MT) and on the Spanish stock
exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).

For more information about ArcelorMittal visit: www.arcelormittal.com.

ARCELORMITTAL SECOND QUARTER 2012 AND HALF YEAR 2012 RESULTS

ArcelorMittal, the world’s leading steel company, today announces
results for the three month and six month periods ended June 30, 2012.

Corporate responsibility and safety performance

Health and safety - Own personnel and contractors lost time injury
frequency rate2

Health and safety performance, based on own personnel figures and
contractors lost time injury frequency rate, improved to 0.8x in second
quarter of 2012 ("2Q 2012”) as compared to 1.1x for the first quarter of
2012 ("1Q 2012”) and 1.5x for the second quarter of 2011 ("2Q 2011”),
with significant improvements primarily in the Mining and Distribution
Solutions segments. The performance of all other segments remained
relatively constant quarter on quarter.

Health and safety performance, improved to 1.0x in first six months of
2012 ("1H 2012”) as compared to 1.4x for the first six months of 2011
("1H 2011”), with significant improvements across all segments,
especially in the Flat Carbon Americas, Mining and Distribution
Solutions segments.

Despite this encouraging performance in lost time injury frequency rate,
there is still more work to be done. In particular we have to focus on
improving the safety performance of the contractors who work at our
sites.

Own personnel and contractors - Frequency Rate

Lost time injury frequency rate

2Q 12

1Q 12

2Q 11

1H 12

1H 11

Total Mines

0.5

1.0

1.6

0.8

1.3

Lost time injury frequency rate

2Q 12

1Q 12

2Q 11

1H 12

1H 11

Flat Carbon Americas

1.1

0.9

2.0

1.1

2.0

Flat Carbon Europe

1.2

1.5

1.5

1.4

1.7

Long Carbon Americas and Europe

0.9

1.0

1.6

0.9

1.4

Asia Africa and CIS

0.3

0.6

0.5

0.5

0.6

Distribution Solutions

1.2

2.1

3.2

1.7

3.3

Total Steel

0.9

1.1

1.5

1.0

1.5

Lost time injury frequency rate

2Q 12

1Q 12

2Q 11

1H 12

1H 11

Total (Steel and Mines)

0.8

1.1

1.5

1.0

1.4

Key corporate responsibility highlights for 2Q 2012

ArcelorMittal published its 2011 corporate responsibility report
titled "Responsible business, sustainable growth”, in May 2012. The
report is aligned with the Global Reporting Initiative G3 B+
guidelines as well as the United Nations Global Compact principles.

ArcelorMittal has been ranked 4th (out of 105 listed companies
surveyed) by Transparency International for transparency in corporate
reporting. The independent study assesses the disclosure programmes
listed companies have in place to fight corruption and the extent to
which earnings and taxes in specific countries are made public.

ArcelorMittal has launched iCARe™, a portfolio of electrical steel
solutions for electric vehicle market. This product range will help
carmakers deliver lower CO2 emissions and improve fuel
consumption for hybrid vehicles while contributing to increased power
density from electric motors.

Analysis of results for the six months ended June 30, 2012 versus
results for the six months ended June 30, 2011

ArcelorMittal’s net income for 1H 2012 was $1.0 billion, or $0.63 per
share, as compared to net income for 1H 2011 of $2.6 billion, or $1.68
per share.

Total steel shipments for 1H 2012 were marginally lower at 43.9 million
metric tonnes as compared with 44.1 million metric tonnes at 1H 2011.

Sales for 1H 2012 decreased by 4.5% to $45.2 billion as compared with
$47.3 billion for 1H 2011 primarily due to lower average steel selling
prices (-5.9%) and marginally lower steel shipments (-0.5%).

Depreciation of $2.3 billion for 1H 2012 was comparable with 1H 2011.

Impairment charges for 1H 2012 totaled $69 million, primarily related to
the extended idling of the electric arc furnace and continuous caster at
the Schifflange site in Luxembourg (Long Carbon Europe). Impairment
expense for 1H 2011 was $18 million relating to a rolling facility in
the Long Carbon Americas segment.

Restructuring charges for 1H 2012 totaled $297 million and consisted
largely of costs associated with the implementation of the Asset
Optimisation Plan primarily impacting Flat Carbon Europe and Long Carbon
Europe operations as well as costs associated with the project to close
two blast furnaces, sinter plant, steel shop and continuous casters in
Liege, Belgium. Costs related to Liege were recognized following the
consultation process with employee representatives. There were no such
restructuring charges in 1H 2011.

Operating income for 1H 2012 was $1.8 billion, compared with operating
income of $3.7 billion for 1H 2011. Operating income during 1H 2012 was
positively impacted by $580 million of one-time impacts: changes to the
employee benefit plans at Dofasco led to curtailment gains of $241
million, and the Skyline Steel divestment4 led to a gain of
$339 million.

Operating performance for 1H 2012 was also positively impacted by $295
million of dynamic delta hedge ("DDH”) income recognized during the
period. Operating performance for 1H 2011 was positively impacted by
$308 million DDH income and a non-cash gain of $336 million recorded in
the first quarter of 2011 relating to the reversal of provisions for
inventory write-downs and litigation.

Income from equity method investments and other income in 1H 2012 was
$107 million as compared to $437 million in 1H 2011. Income from equity
method investments and other income was lower in 1H 2012 on account of
lower income from Chinese investees and the impact of disposals (Erdemir10
, Enovos11 and Macarthur Coal).

Net interest expense (including interest expense and interest income)
was $917 million for 1H 2012 as compared to $916 million for 1H 2011.

Due to exchange rate effects, foreign exchange and other net financing
costs12 were $394 million for 1H 2012 as compared to costs of
$1.1 billion for 1H 2011.

ArcelorMittal recorded an income tax benefit of $409 million for 1H
2012, as compared to an income tax benefit of $105 million for 1H 2011.

Loss attributable to non-controlling interests for 1H 2012 was $1
million as compared with gain attributable to non-controlling interests
for 1H 2011 of $52 million.

Discontinued operations for 1H 2012 was nil as compared to a gain of
$461 million for 1H 2011, including $42 million of the post-tax net
results contributed by the stainless steel operations prior to the
spin-off of the business into Aperam which was completed on January 25,
2011. The balance of $419 million represents a one-time non-cash gain
from the recognition through the income statement of gains/losses
relating to the demerged assets previously held in equity.

Analysis of results for 2Q 2012 versus 1Q 2012 and 2Q 2011

ArcelorMittal recorded net income for 2Q 2012 of $1.0 billion, or $0.62
per share, as compared with net income of $11 million, or $0.01 per
share, for 1Q 2012, and net income of $1.5 billion,or $0.99
per share, for 2Q 2011.

Total steel shipments for 2Q 2012 were 21.7 million metric tonnes as
compared with 22.2 million metric tonnes for 1Q 2012 and 22.2 million
metric tonnes for 2Q 2011.

Sales for 2Q 2012 decreased by 1.0% to $22.5 billion as compared with
$22.7 billion for 1Q 2012, and were down 10.5% as compared with $25.1
billion for 2Q 2011. Sales were lower during 2Q 2012 as compared to 1Q
2012 primarily due to lower steel shipment volumes (-2.5%), marginally
lower average steel selling prices (-0.4%) and the impact of negative
foreign exchange effects.

Impairment charges for 2Q 2012 and 2Q 2011 were nil. Impairment charges
for 1Q 2012 totaled $69 million, primarily related to the extended
idling of the electric arc furnace and continuous caster at the
Schifflange site in Luxembourg (Long Carbon Europe).

Restructuring charges for 2Q 2012 totaled $190 million and consisted
primarily of costs associated with the project to close two blast
furnaces, sinter plant, steel shop and continuous casters in Liege,
Belgium. Restructuring charges for 1Q 2012 totaled $107 million and
consisted of costs associated with the implementation of the Asset
Optimization Plan primarily impacting Flat Carbon Europe and Long Carbon
Europe operations. There were no such restructuring charges in 2Q 2011.

Operating income for 2Q 2012 was $1.1 billion, as compared with $663
million for 1Q 2012 and $2.3 billion for 2Q 2011. Operating income
during 2Q 2012 was positively impacted by $339 million gain from the
Skyline Steel divestment4. Operating income during 1Q 2012
was positively impacted by changes to the employee benefit plans at
Dofasco, leading to curtailment gains of $241 million.

Operating performance for 2Q 2012 and 1Q 2012 was positively impacted by
$136 million and $159 million, respectively, of DDH income (unwinding of
hedges on raw material purchases) recognised during the quarter.
Operating income for 2Q 2011 included a non-cash gain of $189 million
relating to DDH income.

Income from equity method investments and other income in 2Q 2012 was
$121 million, as compared to a loss of $14 million in 1Q 2012 and income
of $289 million for 2Q 2011. During 1Q 2012 the net impact from the
partial sale of the Company’s stake in Erdemir and the agreed sale of
Enovoswas a loss of $85 million.

Net interest expense (including interest expense and interest income)
was stable at $456 million for 2Q 2012 as against $461 million for 1Q
2012 and $457 million for 2Q 2011.

Due to exchange rate effects, foreign exchange and other net financing
costs were $32 million for 2Q 2012 as compared to costs of $362 million
for 1Q 2012 and costs of $447 million for 2Q 2011. Foreign exchange and
other net financing costs for 2Q 2012 were positively impacted by
significant foreign exchange income primarily due to 6% appreciation of
the US dollar against the Euro compared to a 3% depreciation in the
previous quarter.

ArcelorMittal recorded an income tax benefit of $219 million for 2Q
2012, as compared to a benefit of $190 million for 1Q 2012 and an income
tax expense of $61 million in 2Q 2011.

Loss attributable to non-controlling interests for 2Q 2012 was $6
million as compared with gain of $5 million for 1Q 2012 and gain of $41
million for 2Q 2011.

a) Iron ore mining production commenced in 2011 with 1 million tonnes
produced. The targeted iron ore production in 2012 is 4 million tonnes.
As previously announced, the Company is considering a Phase 2 expansion
that would lead to annual production of 15 million tonnes by 2015. This
would require substantial investment in a concentrator, the approval
process of which remains in the final stages.

b) Ongoing projects refer to projects for which construction has begun
(excluding various projects that are under development), or have been
placed on hold pending improved operating conditions.

Analysis of segment operations

Flat Carbon Americas

(USDm) unless otherwise shown

2Q 12

1Q 12

2Q 11

1H 12

1H 11

Sales

$5,359

$5,270

$5,567

$10,629

$10,506

EBITDA

474

632

924

1,106

1,452

Operating income

245

407

697

652

1,004

Crude steel production (Mt)

6,014

6,249

6,277

12,263

12,340

Steel shipments (Mt)

5,735

5,672

5,520

11,407

11,083

Average steel selling price (US$/t)

881

886

961

883

895

EBITDA/tonne (US$/t)

83

111

167

97

131

Operating income /tonne (US$/t)

43

72

126

57

91

Flat Carbon Americas crude steel production decreased by 3.8% to 6.0
million tonnes for 2Q 2012, as compared to 6.2 million tonnes for 1Q
2012, driven primarily by lower production in South America following
scheduled maintenance.

Sales in the Flat Carbon Americas segment were $5.4 billion for 2Q 2012,
a marginal increase of 1.7% as compared to $5.3 billion for 1Q 2012.
Sales were impacted by higher steel selling prices in North America with
lower dollar prices in South America due to depreciation of Brazilian
Real.

EBITDA in 2Q 2012 decreased by 24.8% to $474 million as compared to $632
million in 1Q 2012. EBITDA in 1Q 2012 was positively impacted by changes
to the employee benefit plans at Dofasco which resulted in curtailment
gains of $241 million5. Excluding the curtailment gain
effect, EBITDA in 2Q 2012 was 21.2% higher than 1Q 2012. Higher
profitability was primarily driven by North American operations due to
better selling prices combined with lower input cost, partially offset
by lower profitability from South American operations and higher cost.

Flat Carbon Europe

(USDm) unless otherwise shown

2Q 12

1Q 12

2Q 11

1H 12

1H 11

Sales

$7,223

$7,719

$8,551

$14,942

$16,363

EBITDA

381

130

636

511

1,107

Operating income / (loss)

(154)

(284)

245

(438)

351

Crude steel production (Mt)

7,143

7,182

7,870

14,325

15,501

Steel shipments (Mt)

6,771

7,461

7,166

14,232

14,550

Average steel selling price (US$/t)

884

861

1,026

872

976

EBITDA/tonne (US$/t)

56

17

89

36

76

Operating income (loss) /tonne (US$/t)

(23)

(38)

34

(31)

24

Flat Carbon Europe crude steel production remained flat at 7.1 million
tonnes in 2Q 2012 as compared to 1Q 2012.

Steel shipments for 2Q 2012 were 6.8 million tonnes, a decrease of 9.2%
as compared to 7.5 million tonnes for 1Q 2012. Steel shipments decreased
due to lower demand in Europe, following the end of restocking, and
lower exports.

Sales in the Flat Carbon Europe segment were $7.2 billion for 2Q 2012, a
decrease of 6.4% as compared to $7.7 billion for 1Q 2012. Sales
decreased primarily due to lower steel shipment volumes offset in part
by higher average steel selling prices (+2.7%) in dollars despite euro
currency depreciation.

EBITDA for 2Q 2012 was $381 million as compared to $130 million for 1Q
2012. Higher profitability was primarily driven by higher average
selling prices and lower cost (benefit from lower average inventory
cost) partially offset by lower steel shipment volumes. EBITDA for 2Q
2012 includes $136 million of DDH income recognized during the quarter
as compared to $159 million DDH income for 1Q 2012.

Operating performance in 2Q 2012 was negatively impacted by
restructuring costs totaling $176 million associated with the project to
close two blast furnaces, sinter plant, steel shop and continuous
casters in Liege, Belgium. Operating performance in 1Q 2012 was
negatively impacted by restructuring costs totalling $56 million
associated with separation schemes primarily relating to Polish entities
as part of the implementation of the Asset Optimisation Plan.

Long Carbon Americas and Europe

(USDm) unless otherwise shown

2Q 12

1Q 12

2Q 11

1H 12

1H 11

Sales

$5,698

$5,763

$6,664

$11,461

$12,553

EBITDA

564

437

610

1,001

1,090

Operating income

333

110

358

443

568

Crude steel production (Mt)

5,885

5,785

6,414

11,670

12,473

Steel shipments (Mt)

5,839

5,738

6,167

11,577

12,039

Average steel selling price (US$/t)

885

910

973

898

938

EBITDA/tonne (US$/t)

97

76

99

86

91

Operating income /tonne (US$/t)

57

19

58

38

47

Long Carbon Americas and Europe crude steel production amounted to 5.9
million tonnes for 2Q 2012, an increase of 1.7% as compared to 5.8
million tonnes for 1Q 2012.

Steel shipments for 2Q 2012 were 5.8 million tonnes, an increase of 1.8%
as compared to 5.7 million tonnes for 1Q 2012.

Sales in the Long Carbon Americas and Europe segment were lower at $5.7
billion for 2Q 2012, as compared to $5.8 billion for 1Q 2012. Sales were
impacted by an increase in steel shipment volumes offset by lower
average steel selling prices (-2.7%) primarily due to depreciation of
local currencies in Europe and South America.

EBITDA for 2Q 2012 was $564 million, a 29.1% increase as compared to
$437 million for 1Q 2012. Higher profitability was primarily driven by
improved volumes combined with lower input cost, primarily in Europe
(scrap prices) and recovery in our Tubular business which was impacted
by operational issues in 1Q 2012.

Operating performance in 1Q 2012 was negatively impacted by
restructuring costs totalling $46 million associated with the
implementation of the Asset Optimisation Plan primarily relating to
Spanish entities. Additionally, due to ongoing construction market
weakness impairment charges totalling $61 million were recorded during
1Q 2012 associated with the extended idling of the electric arc furnace
and continuous caster at the Schifflange site in Luxembourg.

Asia Africa and CIS ("AACIS”)

(USDm) unless otherwise shown

2Q 12

1Q 12

2Q 11

1H 12

1H 11

Sales

$2,677

$2,787

$2,857

$5,464

$5,427

EBITDA

120

160

462

280

716

Operating income / (loss)

(38)

2

341

(36)

466

Crude steel production (Mt)

3,691

3,615

3,830

7,306

7,536

Steel shipments (Mt)

3,321

3,353

3,304

6,674

6,446

Average steel selling price (US$/t)

687

705

768

696

730

EBITDA/tonne (US$/t)

36

48

140

42

111

Operating income (loss) /tonne (US$/t)

(11)

1

103

(5)

72

AACIS segment crude steel production was 3.7 million tonnes for 2Q 2012,
an increase of 2.1% as compared to 3.6 million tonnes for 1Q 2012.

Steel shipments for 2Q 2012 amounted to 3.3 million tonnes, marginally
lower by 1.0% as compared to 3.4 million tonnes for 1Q 2012.

Sales in the AACIS segment were $2.7 billion for 2Q 2012, a decrease of
3.9% as compared to $2.8 billion for 1Q 2012, primarily due to
marginally lower steel shipments and stable steel average selling prices
in CIS and lower average steel selling prices in South Africa impacted
by depreciation of South African rand and weaker domestic market.

EBITDA for 2Q 2012 was $120 million, 25.0% lower as compared to $160
million for 1Q 2012. Lower profitability was driven primarily from our
South African operations with lower selling prices and volumes combined
with higher cost, partially offset by improved profitability from CIS
operations.

Distribution Solutions

(USDm) unless otherwise shown

2Q 12

1Q 12

2Q 11

1H 12

1H 11

Sales

$4,292

$4,431

$5,019

$8,723

$9,280

EBITDA

385

35

115

420

242

Operating income / (loss)

332

(10)

69

322

153

Steel shipments (Mt)

4,523

4,589

4,594

9,112

8,796

Average steel selling price (US$/t)

920

919

1,040

920

1,008

Shipments in the Distribution Solutions segment for 2Q 2012 were 4.5
million tonnes, a decrease of 1.4% as compared to 4.6 million tonnes for
1Q 2012.

Sales in the Distribution Solutions segment for 2Q 2012 were $4.3
billion, a decrease of 3.1% as compared to $4.4 billion for 1Q 2012, due
primarily to lower steel shipment volumes.

EBITDA for 2Q 2012 was $385 million, as compared to EBITDA of $35
million for 1Q 2012. EBITDA for 2Q 2012 includes a gain of $339 million
from the Skyline divestment. Excluding this, EBITDA for 2Q 2012 was $46
million, an improvement of 31.4% as compared to $35 million in 1Q 2012.

(a) Own iron ore and coal production not including strategic long-term
contracts

(b) Iron ore and coal shipments of market-priced based materials include
the Company’s own mines, and share of production at other mines, and
exclude supplies under strategic long-term contracts

Own iron ore production (not including supplies under strategic
long-term contracts) increased 9.1% to 14.4 million tonnes for 2Q 2012,
as compared to 13.2 million tonnes for 1Q 2012, primarily due to higher
production in Canada and the CIS regions. Own iron ore production (not
including supplies under strategic long-term contracts) increased 9.9%
to 14.4 million tonnes for 2Q 2012, as compared to 13.1 million tonnes
for 2Q 2011, primarily due to higher production in Liberia and AMMC.

Own coal production (not including supplies under strategic long-term
contracts) for 2Q 2012 remained flat compared to 1Q 2012 and 2Q 2011.

EBITDA attributable to the Mining segment for 2Q 2012 was $541 million,
13.2% higher as compared to $478 million for 1Q 2012, primarily due to
higher marketable shipments. EBITDA attributable to the Mining segment
was $835 million for 2Q 2011.

Liquidity and Capital Resources

For 2Q 2012, net cash provided by operating activities was $2.3 billion,
compared to net cash provided by operating activities of $0.5 billion
for 1Q 2012. Cash flow from operating activities for 2Q 2012 include a
$1.4 billion release in operating working capital compared to an
investment in operating working capital of $0.3 billion in 1Q 2012.
Rotation days14 decreased during 2Q 2012 to 61 days from 69
days in 1Q 2012.

Net cash used in investing activities during 2Q 2012 was $0.8 billion,
as compared to $1.0 billion for 1Q 2012. Capital expenditures decreased
to $1.1 billion for 2Q 2012 as compared to $1.2 billion for 1Q 2012. The
Company is focusing only on core growth capex in its mining business
given attractive return profiles of projects under construction. Some
planned steel investments remain suspended. Other investing activities
in 2Q 2012 of $309 million inflow include $684 million from the sale of
Skyline Steel4 partially offset by $356 million subsidiary
financing. Other investing activities in 1Q 2012 of $285 million include
an inflow of $264 million from the partial sale of Erdemir shares.
Taking into account acquisition cost net of dividends received, the
disposal of the 6.25% stake in Erdemir was cash positive.

Net cash used by financing activities for 2Q 2012 was $1.8 billion, as
compared to cash provided by financing activities of $1.4 billion for 1Q
2012.

During 1Q 2012, the Company issued €500 million 4.500% Notes due 2018
under its €3 billion wholesale Euro Medium Term Notes Programme as well
as three series of US dollar denominated notes, consisting of $500
million 3.750% Notes due 2015, $1.4 billion 4.500% Notes due 2017 and
$1.1 billion 6.250% Notes due 2022. The proceeds from these issuances
were used to refinance existing indebtedness including a repayment of
the Company’s syndicated credit facility. Furthermore, as part of a cash
tender offer, the Company accepted for purchase $298,608,000 principal
amount of its 5.375% Notes due 2013 for a total aggregate purchase price
(including accrued interest) of $313,823,079; the remaining outstanding
principal amount of such Notes is $1,201,392,000. During 2Q 2012, the
Company repaid loans for a net amount of $1.4 billion related to
commercial paper and bank loans.

During 2Q 2012 and 1Q 2012, the Company paid dividends amounting to $294
million per quarter.

At June 30, 2012, the Company’s cash and cash equivalents (including
restricted cash and short-term investments) amounted to $4.5 billion as
compared to $4.9 billion at March 31, 2012. As of June 30, 2012, net
debt decreased by $1.6 billion to $22.0 billion, as compared with $23.6
billion at March 31, 2012, driven by increased cash flow from
operations, foreign exchange gains (effect of USD appreciation on euro
denominated debt) and inflows from the Skyline Steel divestment. The
Company will continue to seek to reduce net debt through its focus on
working capital management and non-core asset disposals.

The Company had liquidity15 of $14.8 billion at June 30,
2012, a decrease of $0.4 billion as compared with liquidity of $15.2
billion at March 31, 2012, consisting of cash and cash equivalents
(including restricted cash and short-term investments) of $4.5 billion
and $10.3 billion of available credit lines. Also, our average debt
maturity remains at 6.4 years as at June 30, 2012.

Update on management gains program and asset optimization plan

At the end of 2Q 2012, the Company’s annualized sustainable management
gains increased to $4.4 billion as compared to $4.2 billion at 1Q 2012.
The Company maintains its target to reach management gains of $4.8
billion from sustainable SG&A, fixed and variable cost reductions and
continuous improvement by the end of 2012.

Progress has been made on the Asset Optimization Plan launched in
September 2011 to generate an annualized $1 billion sustainable EBITDA
improvement by the end of 2012:

In the third quarter of 2011 ("3Q 2011”), the Company announced its
intention to close two blast furnaces, sinter plant, steel shop and
continuous casters in Liege, Belgium;

In the fourth quarter of 2011 ("4Q 2011”), the Company announced the
extended idling of its electric arc furnace in Madrid and further
restructuring costs at certain other Spanish, Czech Republic and AMDS
operations;

In 1Q 2012 the Company announced the extended idling of its electric
arc furnace and continuous caster at the Schifflange site in
Luxembourg and further optimization in Poland and Spain; and

In 2Q 2012 the Company announced additional restructuring costs
primarily associated with the project to close two blast furnaces,
sinter plant, steel shop and continuous casters in Liege, Belgium.

Recent developments

On July, 25, 2012, ArcelorMittal announced the sale of its 48.1% stake
in Paul Wurth Group to SMS Holding GmbH for a total consideration of
EUR 300 million. Paul Wurth Group is an international engineering
company offering the design and supply of the full-range of
technological solutions for the iron and steel industry and other
metal sectors. The SMS group is, under the roof of SMS Holding GmbH, a
group of companies internationally active in the supply of plants and
machinery to the steel and nonferrous metals processing industry. The
Paul Wurth divestment will have minimal impact on ArcelorMittal net
debt as the sale cash proceeds will be offset by the deconsolidation
of Paul Wurth’s cash balance. The cash balance primarily represents
customer advances held by Paul Wurth. The transaction is subject to
customary closing conditions, including but not limited to competition
clearance, and is expected to be completed by the end of the third
quarter of 2012.

On July 17, 2012, ArcelorMittal completed the disposal of its 23.48%
interest in Enovos International SA to a fund managed by AXA Private
Equity for a total consideration of EUR 330 million. The purchase
price is split with EUR 165 million paid on the same date with the
remaining portion deferred for up to two years. Interest will accrue
on the deferred portion.

On June 6, 2012, ArcelorMittal and the Valin Group announced that
ArcelorMittal would increase its shareholding in the downstream
automotive steel joint venture VAMA (Valin ArcelorMittal Automotive)
from 33% to 49%. VAMA, which is a joint venture currently owned by
ArcelorMittal (33%), Hunan Valin Steel Group (33%) and Hunan Valin
Steel (34%), is focused on establishing itself as a premier supplier
of high-strength steels and value-added products for China’s fast
growing automotive market. In line with a new shareholding agreement
they have entered into, the Valin Group and ArcelorMittal intend to
increase VAMA's planned capacity by 25% from 1.2 million tons to 1.5
million tons, with capital investment to increase by 15% to RMB 5.2
billion (approximately $818 million). VAMA has signed purchase
agreements totalling RMB 1.8 billion (approximately $283 million) for
key equipment including cold rolling facilities, continuous annealing
and galvanizing lines. The joint venture is expected to become
operational in the first half of 2014. ArcelorMittal and the Valin
Group also announced the possible recalibration by ArcelorMittal of
its shareholding in Hunan Valin Steel. The two companies have
finalized a share swap arrangement based upon a Put Option mechanism,
which enables ArcelorMittal to exercise, over the next two years, Put
Options granted by the Valin Group with respect to Hunan Valin Steel
shares. Under this arrangement, ArcelorMittal (which currently holds
approximately 30% of the shares of Hunan Valin Steel) could sell up to
19.9% of the total equity (600 million shares) in Hunan Valin Steel to
the Valin Group. The exercise period of the Put Options is equally
spaced with a gap of 6 months and linked to the key development
milestones of VAMA. Following the exercise of the Put Options,
ArcelorMittal would retain a 10.07% shareholding in Valin Steel as
part of a long-term strategic cooperation agreement. ArcelorMittal's
acquisition of the additional 16% shareholding in VAMA is conditional
on regulatory approvals and would be financed by the sale of shares in
Hunan Valin Steel pursuant to the Put Options.

On May 9, 2012, ArcelorMittal published its Corporate Responsibility
(CR) report for the 2011 financial year, detailing recent progress
made against its responsible business and sustainable growth plans.

Outlook and guidance

The global economy remains fragile but we expect second half 2012
operating conditions to remain broadly similar to first half 2012. The
situation in Europe and its potential impact on other markets remains
the biggest concern. Against this backdrop the focus remains on
improving efficiency, cutting costs and reducing debt while not
sacrificing the high-return growth projects we have in our portfolio.

In the absence of an economic recovery, steel shipments in 2H 2012 are
expected to follow the normal seasonal pattern. Iron ore shipments
remain on track to increase by approximately 10% in FY 2012. As a
result, group EBITDA per tonne for the 2H 2012 is expected to be similar
to the underlying 1H 2012 level.

A further reduction in net debt is targeted by the end of 2012 but this
is dependent on further divestments. The Company remains committed to
retaining its investment grade credit rating,

2012 capex expected to be approximately $4.5 billion; ArcelorMittal
Mines Canada expansion to 24mtpa is on track for ramp up during 1H 2013.

a) Total of all finished production of fines, concentrate, pellets and
lumps.

b) Includes own mines and share of production from Hibbing (USA-62.30%)
and Pena (Mexico-50%).

c) Consists of a long-term supply contract with Cleveland Cliffs for
purchases made at a previously set price, adjusted for changes in
certain steel prices and inflation factors.

d) Includes purchases under a strategic agreement with Sishen/Thabazambi
(South Africa). Prices for purchases under the July 2010 interim
agreement with Kumba have been on a fixed-cost basis since March 1, 2010.

Appendix 2d: Iron ore shipments (Million metric tonnes)

Million metric tonnes

2Q 12

1Q 12

2Q 11

1H 12

1H 11

External sales – Third party

3.0

2.5

1.5

5.5

2.6

Internal sales – Market-priced

5.2

4.3

5.5

9.5

10.3

Internal sales – Cost-plus basis

7.0

4.8

6.2

11.9

9.9

Flat Carbon Americas

2.5

0.6

2.4

3.2

2.7

Long Carbon Americas and Europe

1.3

1.2

1.1

2.6

2.0

AACIS

3.1

3.0

2.7

6.2

5.2

Total sales

15.2

11.7

13.2

26.9

22.8

Strategic contracts

4.0

1.8

2.8

5.8

4.6

Flat Carbon Americas

2.7

0.5

0.9

3.1

0.9

AACIS

1.4

1.3

1.8

2.7

3.7

Total

19.2

13.5

15.9

32.7

27.4

Appendix 2e: Coal production (Million metric tonnes)

Million metric tonnes

2Q 12

1Q 12

2Q 11

1H 12

1H 11

North America

0.61

0.64

0.61

1.25

1.16

Asia, CIS & Other

1.46

1.47

1.45

2.94

2.84

Own coal production

2.07

2.11

2.06

4.19

4.00

North America(a)

0.07

0.08

0.08

0.15

0.13

Africa(b)

0.09

0.07

0.09

0.16

0.16

Strategic contracts - coal

0.16

0.15

0.17

0.31

0.29

Group

2.24

2.26

2.23

4.50

4.29

(a) Includes strategic agreement - prices on a fixed price basis

(b) Includes long term lease - prices on a cost-plus basis

Appendix 2f: Coal shipment (Million metric tonnes)

Million metric tonnes

2Q 12

1Q 12

2Q 11

1H 12

1H 11

External sales - Third party

0.86

0.86

0.95

1.72

1.75

Internal sales - Market-priced

0.50

0.37

0.35

0.87

0.66

Internal sales (AACIS) - Cost-plus basis

0.73

0.80

0.77

1.52

1.67

Total sales

2.08

2.03

2.06

4.11

4.08

Strategic contracts

0.16

0.15

0.17

0.31

0.29

Total

2.25

2.18

2.23

4.42

4.37

Appendix 3: Debt repayment schedule as of June 30, 2012

Debt repayment schedule ($ billion)

2012

2013

2014

2015

2016

>2016

Total

Term loan repayments

- Convertible bonds

-

-

2.1

-

-

-

2.1

- Bonds

-

3.1

1.3

2.2

1.7

12.3

20.6

Subtotal

-

3.1

3.4

2.2

1.7

12.3

22.7

LT revolving credit lines

- $6bn syndicated credit facility

-

-

-

-

-

-

-

- $4bn syndicated credit facility

-

-

-

-

-

-

-

- $0.3bn bilateral credit facility

-

-

-

-

-

-

-

Commercial paper23

0.5

-

-

-

-

-

0.5

Other loans

0.7

0.7

0.3

0.4

0.7

0.5

3.3

Total Gross Debt

1.2

3.8

3.7

2.6

2.4

12.8

26.5

Appendix 4: Credit lines available as of June 30, 2012

Credit lines available ($ billion)

Maturity

Commitment

Drawn

Available

- $6bn syndicated credit facility

18/03/2016

$6.0

$0.0

$6.0

- $4bn syndicated credit facility

06/05/2015

$4.0

$0.0

$4.0

- $0.3bn bilateral credit facility

30/06/2013

$0.3

$0.0

$0.3

Total committed lines

$10.3

$0.0

$10.3

Appendix 5: Other ratios

Ratios

2Q 12

1Q 12

Gearing24

38%

38%

Net debt to EBITDA ratio based on last twelve months EBITDA

2.6X

2.5X

Appendix 6: Earnings per share

In U.S. dollars

Three months ended

Six months ended

June 30,

March 31,

June 30,

June 30,

June 30,

2012

2012

2011

2012

2011

Earnings per share - Discontinued operations

Basic earnings per common share

-

-

-

-

0.30

Diluted earnings per common share

-

-

-

-

0.28

Earnings per share - Continuing operations

Basic earnings per common share

0.62

0.01

0.99

0.63

1.38

Diluted earnings per common share

0.56

0.01

0.93

0.57

1.33

Earnings per share

Basic earnings per common share

0.62

0.01

0.99

0.63

1.68

Diluted earnings per common share

0.56

0.01

0.93

0.57

1.61

Appendix 7: EBITDA Bridge from 1Q 2012 to 2Q 2012

USD millions

EBITDA 1Q 12

Volume & Mix - Steel (a)

Volume & Mix - Mining (a)

Price-cost - Steel (b)

Price-cost - Mining (b)

Non -Steel EBITDA (c)

Other (d)

EBITDA 2Q 12

Group

1,972

(14)

74

393

(11)

-

35

2,449

a) The volume variance indicates the sales value gain/loss through
selling a higher/lower volume compared to the reference period, valued
at reference period contribution (selling price–variable cost). The
product/shipment mix variance indicates sales value gain/loss through
selling different proportion of mix (product, choice, customer, market
including domestic/export), compared to the reference period
contribution.

b) The price-cost variance is a combination of the selling price and
cost variance. The selling price variance indicates the sales value
gain/loss through selling at a higher/lower price compared to the
reference period after adjustment for mix, valued with the current
period volumes sold. The cost variance indicates increase/decrease in
cost (after adjustment for mix, one time items, non-steel cost and
others) compared to the reference period cost. Cost variance includes
the gain/loss through consumptions of input materials at a higher
price/lower price, movement in fixed cost, changes in valuation of
inventory due to movement in capacity utilization etc.

c) Non-steel EBITDA variance primarily represents the gain/loss through
the sale of by-products and services.

d) Other represents the gain/loss through movements in provisions
including write downs, write backs of inventory, onerous contracts,
reversal of provisions, dynamic delta hedge on raw materials, foreign
exchange etc as compared to the reference period.

Appendix 8: Capex19

Capex (USDm)

2Q 12

1Q 12

2Q 11

1H 12

1H 11

Flat Carbon Americas

166

211

151

377

263

Flat Carbon Europe

225

261

239

486

500

Long Carbon Americas and Europe

142

229

229

371

480

AACIS

71

141

113

212

303

Distribution Solutions

23

25

32

48

60

Mining

460

376

297

836

497

Note: Table excludes others and eliminations.

1Appendix 9: End notes

1 The financial information in this press release has been
prepared in accordance with International Financial Reporting Standards
("IFRS”) as issued by the International Accounting Standards Board
("IASB”). While the interim financial information included in this
announcement has been prepared in accordance with IFRS applicable to
interim periods, this announcement does not contain sufficient
information to constitute an interim financial report as defined in
International Accounting Standards 34, "Interim Financial Reporting”.
Unless otherwise noted the numbers in the press release have not been
audited. The financial information and certain other information
presented in a number of tables in this press release have been rounded
to the nearest whole number or the nearest decimal. Therefore, the sum
of the numbers in a column may not conform exactly to the total figure
given for that column. In addition, certain percentages presented in the
tables in this press release reflect calculations based upon the
underlying information prior to rounding and, accordingly, may not
conform exactly to the percentages that would be derived if the relevant
calculations were based upon the rounded numbers.

2 Lost time injury frequency rate equals lost time injuries
per 1,000,000 worked hours, based on own personnel and contractors.

4 On June 20, 2012, ArcelorMittal completed the sale of its
steel foundation distribution business in NAFTA, Skyline Steel and
Astralloy ("Skyline Steel”), to Nucor Corporation for total
consideration of $684 million. The transaction comprises 100% of
ArcelorMittal’s stake in Skyline Steel’s operations in the NAFTA
countries and the Caribbean.

5 ArcelorMittal Dofasco has made a number of changes to its
pension plan and health and dental benefits. Employees at Dofasco will
be transitioned from an existing defined benefit pension plan to a new
defined contribution pension plan. Changes to health and dental benefits
will result in an increase in the portion of the cost of health benefits
that is borne by participants in the plans. These changes resulted in a
curtailment gain of $241 million in 1Q 2012.

6 Market priced tonnes represent amounts of iron ore and coal
from ArcelorMittal mines that could be sold to third parties on the open
market. Market priced tonnes that are not sold to third parties are
transferred from the Mining segment to the Company’s steel producing
segments and reported at the prevailing market price. Shipments of raw
materials that do not constitute market priced tonnes are transferred
internally and reported on a cost-plus basis.

9 EBITDA/t includes total group EBITDA divided by total steel
shipments.

10 On March 28, 2012, ArcelorMittal announced that it had
successfully completed an offering to sell (through certain
subsidiaries) 134,317,503 shares and warrants in respect of a further
134,317,503 shares in Eregli Demir ve Çelik Fabrikalari T.A.S.
("Erdemir”) generating total proceeds of TRY 478,170,311 by way of a
single accelerated bookbuilt offering to institutional investors. Taking
into account acquisition cost net of dividends received, the disposal of
the 6.25% stake in Erdemir was cash positive (from an accounting point
of view the transaction resulted in a gain of $0.1 billion which
includes the reclassification of reserves previously recorded in net
equity). As a result of certain events, the Exchange Ratio and Exchange
Price of the outstanding Warrants was adjusted such that the Exercise
Price of the Series A warrants became TRY 3.490 for 1.437 shares, the
Exercise Price of the Series B warrants became TRY 3.656 for 1.437
shares and the Exercise Price for the Series C warrants became TRY 3.822
for 1.437 shares. Series A warrants matured on July 2, 2012 without any
warrants being exercised. ArcelorMittal’s holding today remains at
approximately 18.7%. If the remaining Series B and C warrants are
exercised prior to the maturity dates of October 1, 2012 and December
14, 2012 respectively, ArcelorMittal’s holding will decline to
approximately 14.6%. ArcelorMittal agreed to a 365 day lock-up period on
its remaining stake in Erdemir.

11 On April 4, 2012, ArcelorMittal Luxembourg entered into an
agreement to divest its 23.48% interest in Enovos International SA to a
fund managed by AXA Private Equity for a purchase price of EUR 330
million. The purchase price was split with EUR 165 million payable at
closing, and the remaining portion deferred for up to two years.
Interest will accrue on the deferred portion. Closing of the transaction
occurred on July 17, 2012. Taking into account acquisition cost net of
dividends received, the disposal of the 23.48% stake in Enovos will be
cash positive (from an accounting point of view the transaction resulted
in a loss of $0.2 billion).

13 There are three categories of sales: 1) "External sales”:
mined product sold to third parties at market price; 2) "Market-priced
tonnes”: internal sales of mined product to ArcelorMittal facilities and
reported at prevailing market prices; 3) "Cost-plus tonnes” - internal
sales of mined product to ArcelorMittal facilities on a cost-plus basis.
The determinant of whether internal sales are reported at market price
or cost-plus is whether the raw material could practically be sold to
third parties (i.e. there is a potential market for the product and
logistics exist to access that market).

14 Rotation days are defined as days of accounts receivable
plus days of inventory minus days of accounts payable. Days of accounts
payable and inventory are a function of cost of goods sold. Days of
accounts receivable are a function of sales.

15 Includes back-up lines for the commercial paper program of
approximately $2.5 billion (€2 billion).

16 Total of all finished production of fines, concentrate,
pellets, lumps and coal (includes share of production and strategic
long-term contracts).

17 ArcelorMittal Distribution Solutions shipments are
eliminated in consolidation as they primarily represent shipments
originating from other ArcelorMittal operating subsidiaries.